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News - 26 March 2012

UK Tax Datacard 2012/13 Part two

Stamp duties
                                                                                                                  2012/13            2011/12
Stamp duty land tax on non-residential land and buildings (a) (b):
£0-£150,000                                                                                           0%                     (0%)
£150,001-£250,000 (£150,001-£250,000)                                       1%                     (1%)
£250,001-£500,000 (£250,001-£500,000)                                       3%                     (3%)
Over £500,000 (over £500,000)                                                          4%                     (4%)
Stamp duty land tax on residential land and buildings (a) (b) (c):
£0-£125,000 (£0-£125,000) (d) (e)                                                     0%                    (0%)
£125,001-£250,000 (£125,001-£250,000) (d) (e)                           1%                     (1%)
£250,001-£500,000 (£250,001-£500,000)                                       3%                     (3%)
£500,001-£1,000,000 (£500,001-£1,000,000)                                4%                     (4%)
£1,000,001-£2,000,000 (over £1,000,000)                                       5%                     (5%)
Over £2,000,000 (f)                                                                                7%                     (5%)

(a) All figures are calculated inclusive of any VAT. Rates apply to the full amount.
(b) On leases, the rate is (broadly) 1% of the discounted rental values under the lease over the £150,000/£125,000 limit.
(c) For new zero carbon homes, including flats, the 0% threshold extends to £500,000 until 30 September 2012; for such properties over £500,000 there is
a £15,000 reduction.
(d) For residential property in disadvantaged areas, the 0% threshold extends to £150,000.
(e) The 0% threshold extended to £250,000 for first time buyers only for purchases where the date of completion was between 25 March 2010 and 24 March 2012.
(f) Rate applies from 22 March 2012. Where residential property over £2 million is purchased by a company (or similar entity), a 15% rate applies.

Stamp duty – shares and securities                                                 0.5%                  (0.5%)
Stamp duty reserve tax                                                                         0.5%/1.5%       (0.5%/1.5%)

Value added tax

Standard rate                                                                                        20%
Lower rate                                                                                             5%
Zero rate                                                                                                0%

Registration threshold (changes from 1 April 2012): taxable supplies at the end
of any month exceed £77,000 (£73,000) in the past 12 months, or will at any time exceed £77,000 (£73,000) in the next 30 days. These thresholds also apply for supplies from other EU Member States.


Air passenger duty

Air passenger duty is a departure tax levied on air travel. Rates per passenger:
Reduced rate  Standard rate
From 1 April 2012 (a)
Band A (0-2,000 miles from London) (b)                                        £13 (£12)           £26 (£24)
Band B (2,001-4,000 miles from London)                                     £65 (£60)            £130 (£120)
Band C (4,001-6,000 miles from London)                                     £81 (£75)            £162 (£150)
Band D (over 6,000 miles from London)                                        £92 (£85)            £184 (£170)

(a) Flights from airports in the Scottish Highlands and Islands are exempt.
(b) Includes all long haul flights from Northern Ireland.

Climate change levy

Electricity                                                                                            0.509p (0.485p) per kWh
Gas                                                                                                     0.177p (0.169p) per kWh
Coal, lignite, coke and semi-coke                                                1.387p (1.321p) per kg
Liquid petroleum gas                                                                      1.137p (1.083p) per kg

Climate change levy is a single stage tax on supplies of various fuels to industrial and commercial consumers.

Landfill tax
                                                                                                            2012/13               2011/12
Standard rate                                                                                   £64/tonne            (£56/tonne)
Lower rate                                                                                        £2.50/tonne         (£2.50/tonne)

The lower rate applies to inactive waste.


If you have any questions or concerns about Tax Planning and compliance, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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